• Development Case Study: 100 N. Hamilton

Property History
100 N. Hamilton is a 45,000 square feet commercial space that houses the State Senate—Legislative Reference Bureau. It was built in 1929 as a sandstone/masonry structure. The property consisted of 5 stories, a basement and a parking ramp. In 1983, a large glass atrium added to the north side. Problems arose in time as the atrium started to leak and the building was becoming outdated.

100 N. Hamilton placed bankruptcy in 1993 by the former General Partner. From there, the general partner was replaced with WMC Realty Advisors. WMC Realty Advisors submitted a bankruptcy reorganization plan.

Property Type:
45,000 Rentable Square Ft.
 
General Partner:
WMC Realty Advisors Inc.
WMC Realty Advisors Inc. replaced Divall as General Partner in 1993
 
Involvement:
  • General Partner Principals
  • Property Manager
  • Findorff
  • Architecture Network
Reorganization
After WMC Realty Advisors gained control as the new General Partner, the first step in the bankruptcy plan was to renegotiate the debt. The mortgage with Associated Bank was renegotiated debt forgiveness in exchange for new capital raised by the general partner and investors. Renovations were also needed to renew the state’s lease.
 
Renovation
100 N. Hamilton became outdated. The State Senate first declined the lease renewal, but then agreed to stay if improvements were made. The old building had an atrium on the north side that leaked. The atrium also made it difficult to heat and cool the building evenly. With the help of Arlan Kay of When the architectural plans were finished and budgeted, Urban Design stepped in and stated that the new façade must be built of limestone to keep historic integrity and to blend in with the downtown architecture. This change would increase the costs of the project by $200,000.00. A loan at a 5.5% interest rate was acquired from the Capital Revolving fund to make the necessary changes to comply with Urban Design’s standards.
 
Architecture Network and J.H. Findorff and Son of Madison, Wisconsin Management was able to rehabilitate the property. The atrium has since been replaced with a historic limestone façade adding 3,000 square feet of rentable space. The property has also changed from its 80’s style to a more historic appearance.
 
Project Highlights
  • Raised Equity to remove partnership from bankruptcy
  • Renegotiated lease with State of Wisconsin
  • Planned renovation to remove Atrium and replace with historic limestone façade
  • Renovated 12,000 square ft. and added 3,000 square ft. of rentable space
  • New HVAC System
  • Budget $1,100,000
  • Project start date: February 1, 2000